"I'm not doing that one, no," she said last night about the project that she told us this summer she was seriously considering.

Wilde revealed her departure from the film, titled Lovelace, at last night's Glamour Reel Moments event in West Hollywood where she made her directorial debut with the hilariously funny short film Free Hugs.

I'm told Wilde's decision to walk away from the flick was based on several factors, including simply deciding the project wasn't for her and possible scheduling conflicts.

Lovelace is set to be codirected by Oscar-winners Rob Epstein and Jeffrey Friedman. Kate Hudson was reportedly also considering the starring role. James Franco has been rumored to be attached to it, too.

"It would be a tremendous honor," Wilde told us back in July of potentially playing the 1970s X-rated icon. "It's such a cool role. She was a fascinating woman—with where she came from to Deep Throat to then working with Gloria Steinem and Nora Ephron. It's really fascinating."

"I can't wait to do it again," she said. "There's another short I want to direct and I'm writing a feature that I'll direct. I love it. It's the most fun I've ever had."

Eva Longoria and Zoe Saldana also directed short films at last night's Clarisonic-sponsored event. Longoria says she loves being behind the camera, but will not be directing any upcoming episodes of Desperate Housewives.

"I can't direct myself," she told us. "They wanted me to be in my short film [A Proper Sendoff] and I was like, 'No, no, no.' I mean, it's just way to much work."